Sanoma completes the acquisition of Santillana Spain, a leading Spanish provider of K12 learning materials
Sanoma has completed the acquisition of Santillana Spain, a leading Spanish provider of K12 learning materials, from Promotora de Informaciones S.A. (Grupo Prisa). The acquisition was announced on
“I am very pleased to announce the closing of our acquisition of Santillana Spain so shortly after signing. I warmly welcome our new colleagues in
About Santillana Spain
Santillana Spain is a leading provider of learning materials, primarily textbooks, for primary and secondary education in
Adjusted key figures of the acquired business
(pro forma, preliminarily adjusted for IFRS, unaudited)
EUR million | Q3 2020 | Q2 2020 | Q1 2020 | FY 2019 | |
Net sales | 63 | 32 | 2 | 128 | |
Operational EBITDA | 36 | 15 | -10 | 50 | |
Operational EBIT excl. PPA | 30 | 14 | -10 | 43 |
In 2019, net sales and earnings of Santillana Spain grew significantly as demand for the current curriculum K12 learning materials peaked. In 2020–21, a typical cyclical decline in market demand for K12 learning materials is expected ahead of the introduction of the new curriculum. This is expected to result in significantly lower net sales and earnings of Santillana Spain compared to 2019. The introduction of a new curriculum is expected to accelerate demand in 2022–23 as part of the enactment of a new educational law in
Preliminary assessment concludes that the value of the acquired assets on the seller’s balance sheet was approx.
The 586 employees working in the acquired business will become employees of
Sanoma estimates that the acquisition will create run-rate net annual synergies of approx.
About the transaction
Cash and debt free purchase price of the acquired business was
Sanoma will finance the acquisition fully with debt through two existing debt facilities: a syndicated three-year term loan of
Sanoma will book approx.
Additional information
Investors: Kaisa Uurasmaa, Head of Investor Relations and CSR,
Media: Christel Lammertink, Communications Manager,
Sanoma
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business across
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in eleven European countries and employ close to 4,500 professionals. In 2019, our net sales totalled 900m€ and our operational EBIT margin excl. PPA was 14.8%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at www.sanoma.com.
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